MAY MACAU REVIEW

The details behind the May numbers

As you know, May GGR grew 13.5% YoY to HK$28.7 billion. We estimate that including direct play, VIP hold was 2.91% versus a normalized 3.00%. Had VIP hold been normal this May, YoY growth in GGR would’ve grown 16.5%. With normal VIP hold in both periods, GGR growth would have been 13.9% (similar to what was reported). We expect June growth to be similar to May but July could spike close to 20%.

LVS took the top spot for table revenue growth at 43% for the 4th consecutive month. The company had the highest mass revenue growth at 66%. Its RC volume grew 23%. We estimate that LVS held normal at 2.76% in May compared to 2.53% last May, assuming direct play of 15% vs. 23% last year. Venetian and FS played lucky while SCC and Sands Macau held low.

Sands eked out a 1% gain YoY

Mass grew 32%, its best monthly YoY growth in a long-time

VIP fell 27%

Sands held very low but also had an easier comp. We estimate that Sands held at 1.8% compared to 2.3% in the same period last year. We assume 11% direct play in May vs 9% in May 2012.

Junket VIP RC jumped 32%. May hold (assuming 11% direct play) was 3.1% vs 2.7% in May 2012 when direct play was 16%.

Sands Cotai Central grew 46% YoY

Mass jumped 167% to $87MM, a new monthly high

VIP revenues grew 8% to $110MM

Junket RC volume of $4.4BN, up 72% YoY

If we assume that direct play was 11%, hold would have been 2.2%

MPEL

MPEL had a solid month, lobbing in the 2nd best table growth of 31%. Mass grew 63% while VIP growth was 22%. We estimate that MPEL held at 2.70% vs 2.78% last May. Estimated direct play was 10% vs. 10.5% last year.

Thank You!

Your request has been received

You have been added to our list and will receive an email shortly.

If you do not receive an email, please check your spam filter, and then email
support@hedgeye.com.
By joining our email marketing list you agree to receive emails from Hedgeye. This is a distinct and separate service form any of our paid service products. You may unsubscribe at any time by clicking the unsubscribe link in one of the emails.